Wind-farm operator ALLETE, Inc., the Minnesota-based company with major operations in Oklahoma reported first quarter 2022 earnings of $66.3 million or $1.24 per share, a gain from the nearly $52 million and 99 cents a share a year ago. ALLETE operates the 303 MW Caddo Wind farm in southwestern Oklahoma and the 303-MW Diamond Spring …
Big earnings for ConocoPhillips
ConocoPhillips joined other major oil and gas firms in reporting billions of dollars in profits in the first quarter of the year. The company had earnings of $5.8 billion or $4.39 a share, far better than the $1 billion and 75 cents a share earnings in the first quarter of 2021. Excluding special items, …
Biden moves to refill Strategic Petroleum Reserve
After ordering the release of 180 million barrels of oil from the nation’s Strategic Petroleum Reserve in a move to lower the cost of gasoline, President Biden now plans to purchase more oil to refill part of the Reserve. CNN reported Thursday the Biden administration will seek bids in the fall to buy 60 …
ONEOK subsidiary seeks federal funds to build pipeline in North Dakota
A subsidiary of ONEOK ended up being the only company to apply for millions in federal coronavirus aid in North Dakota for the construction of a natural gas pipeline before the deadline on Monday. Viking Gas Transmission requested $10 million to build a 12-mile pipeline that would link to its existing pipeline in western Minnesota …
Headlines of other energy stories
** In response to higher crude oil prices, financial results for 42 U.S. exploration and production companies showed large increases in both cash from operations and capital expenditures in the fourth quarter of 2021 (4Q21). Cash from operations for the E&P companies reached $27.5 billion in 4Q21, the largest amount in any quarter since 3Q14 reported …
Cushing crude storage increased in past week
While the amount of crude oil in storage in the U.S. increased in the past week, the Cushing hub in northern Oklahoma also reported a slight gain in crude. U.S. crude oil inventories increased by 1.3 million barrels from the previous week reported the U.S. Energy Information Administration. Inventories are about 15% below the …
Income soared for OGE Energy Corp. in 1Q
The same week the Oklahoma Supreme Court okayed nearly $1 billion in ratepayer-backed bonds to cover February 2021 storm costs for Oklahoma Gas and Electric Company, its parent company, OGE Energy Corp. reported significantly improved earnings in the first quarter of 2022. The company cited net income of $280 million or $1.39 a diluted …
Williams announces deepwater agreement in Gulf of Mexico
Williams announced another major business move in its pipeline operations in the Gulf of Mexico. The Tulsa company said it secured another tieback to Discovery’s Keathley Canyon Connector line that will provide deepwater natural gas infrastructure services to operator LLOG Exploration Offshore, L.L.C. The services will be for LLOG’s new Salamanca development in the …
Income grew 9% for Blueknight Energy in 1Q
Blueknight Energy reported a 9% increase in its first quarter 2022 income compared to a year ago. Income totaled $6.6 million compared to $6.1 million a year earlier for the Tulsa-based energy company while its first quarter adjusted EBITDA from continuing operations amounted to $11.5 million. It also had distributable cash flow from operations …
Permian Basin activity keeps improving for Laredo Petroleum
Laredo Petroleum’s active exploration in the Permian Basin resulted in improved earnings in the first quarter of 2022. While the company reported a net loss of $86.8 million or $5.18 per diluted share, it also had cash flow from operating activities of $170.9 million which helped generate adjusted EBITDA of $222.1 million. It’s Adjusted Net Income …
